How Will I List My Diamonds On A Blockchain?

For decades, the
challenge for the diamond industry has been a cumbersome value chain process
for the flow of diamonds. This process is extremely labor and cost intensive
with the need for a diamond to pass through many different intermediaries,
before reaching the end customer. Each
phase, requires a lot of logistics and paperwork and adds to the end price
charged to the consumer.

Before we can address the issue of why someone would
want to list diamonds on a blockchain, we need to first look at the current
supply chain process from procurement to the retail showcase.

In
the past, diamond sellers have been burdened in that every incremental phase of
production creates additional costs. These include insurance, security,
currency conversion, and paperwork. Additionally,
there are possibilities for human error, theft, and fraud at every stage. The obstacle of a cumbersome supply chain has
been an impossible to challenge to overcome, until now.

The development of
blockchain technology for the diamond industry supply chain is positioned to
dramatically transform how diamonds are traded and sold. Blockchain technology is a way to shift the entire diamond supply chain onto a unified
platform, where everyone has access to every detail of a diamond’s journey with
complete transparency. The introduction of blockchain technology
makes it now possible to mitigate past inefficiencies.

A
diamond blockchain platform allows for buyers and sellers of diamonds to
communicate directly and more transparently and reduce many intermediary costs.
This has the potential to reduce the final price a consumer will pay for
diamonds. Retail consumers would have
direct access to all the properties of the diamond including size, color,
weight and cut. Additionally, photos and authentication certificates would also
be available.

The
potential for listing diamonds on a blockchain and the reduction of centralized
intermediaries has two primary benefits.
For end consumers, it means a reduction in the final price paid, but
sellers also stand to benefit. The
reduction of middlemen would provide for wider margins even with lower prices,
providing for a win-win solution for both parties.

GLITZKOIN
on our diamond-trading platform will only list certified diamonds from the GIA
(Gemological Institute of America). GIA
is the most recognized and trusted gem and diamond certification body in the
world. GIA’s grading laboratories are
favored by the world’s, most reputable jewelers.

Certifying
diamonds on the blockchain could potentially revolutionize the entire diamond
supply chain and the “Trustless Transactions” would provide greater efficiency
and margins to sellers.

GLITZKOIN
understands the economic benefits of being able to certify, and then list your
diamond directly on the blockchain and making it publicly available to anyone
in the world. We seek to use blockchain
technology to modernize the way business is conducted in the diamond trade. Building a blockchain based diamond-trading
platform will let us continue to be a leader in the diamond industry.